Loans

New York Life Insurance Provides $38.8M Loan for Two-Building Office Complex in Atlanta

by John Nelson February 27, 2017

ATLANTA — New York Life Insurance Co. has provided a $38.8 million loan for One and Two Perimeter Plaza, a two-building office complex located at 5605 and 5607 Glenridge Drive N.E. in Atlanta’s Central Perimeter office submarket. The recently renovated office buildings total 316,734 square feet and feature covered building access, structured parking, an exterior patio with barbeque grills, café, conference facility and a fitness center. The 11-story One Premier Plaza and the seven-story Two Premier Plaza were 81.4 percent leased at the time of sale to tenants such as McGriff, Siebels & Williams, Mozley, Finlayson & Loggins, FirstPRO, JMG Realty, Peachtree Hotel Group and The Gap. Ed Coco and Matt Casey of HFF arranged the floating-rate, three-year loan through New York Life on behalf of the borrower, Zeller Realty Group.

February 27, 2017

District of Columbia Loans Office Southeast

Natixis Provides $24M Development Loan for Multifamily Conversion in D.C.

by John Nelson February 24, 2017

WASHINGTON, D.C. — Natixis has provided a $24 million loan for the repositioning of an 11-story office building in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, Douglas Development, will use the floating-rate financing to pay off existing debt and convert the asset into a 415-unit apartment building with 17,238 square feet of retail space and parking. Douglas Development plans to break ground on the project in 2017 or 2018. The property is situated along the Anacostia River and is within walking distance of Washington Nationals Park and the DC United Stadium, a soccer stadium that is currently under construction.

February 24, 2017

Loans Midwest Missouri Multifamily

Berkadia Arranges Land Sale and $52M Construction Financing for Multifamily Property in Chesterfield, Missouri

by Kristin Harlow February 23, 2017

CHESTERFIELD, MO. — Berkadia has arranged the sale of and financing for Watermark at Chesterfield Village, a 12.7-acre multifamily site located in Chesterfield. Watermark Residential purchased the land site with plans to complete construction in late 2018. The property will be located at the southwest corner of Chesterfield Parkway and Lydia Hill Drive. Sachs Properties was the seller. Kenneth Aston and Andrea Kendrick of Berkadia completed the land sale on behalf of the buyer. Kevin Kozminske and Michael Duggan of Berkadia arranged the financing, securing a $52 million loan through Simmons Bank.

February 23, 2017

Affordable Housing Indiana Loans Midwest Multifamily

KeyBank Provides $49.7M Construction Loan for Affordable Housing Property in Greenwood, Indiana

by Kristin Harlow February 23, 2017

GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.

February 23, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

KeyBank Originates Acquisition Loan for Three-Property Seniors Housing Portfolio in Southeast Pennsylvania

by Amy Works February 23, 2017

SOUTHEAST PENNSYLVANIA — KeyBank Real Estate Capital’s Healthcare platform has arranged an acquisition loan for Baltimore-based Capital Health Group for the acquisition of a three-property seniors housing portfolio in Southeast Pennsylvania. Shortly after acquisition, Capital Health Group refinanced the acquisition/bridge loan through a series of three separate Fannie Mae financings originated by KeyBank’s Commercial Mortgage Group. The properties feature more than 500 units across the three properties. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group originated the initial acquisition financing, while Charlie Shoop of KeyBank’s Commercial Mortgage Group arranged the Fannie Mae financing.

February 23, 2017

Features Loans Top Stories

After Strong 2016, Commercial Lenders Prepare for a Slightly Better 2017

by Kristin Harlow February 23, 2017

SAN DIEGO — Commercial mortgage lenders, their correspondent lenders and brokers gathered this week in San Diego at the annual MBA CREF Conference held at the Manchester Grand Hyatt. The Mortgage Bankers Association (MBA) reports 3,200 attendees at this year’s conference, a 10 percent rise in attendance over 2015. Mortgage bankers are fresh from one of the strongest years in originations in an era that shows few signs of a slow down. While there are some possible speed bumps in 2017, many attendees were upbeat and positive about 2017 and beyond for the commercial real estate lending industry. MBA reported its results for the industry in a session with its chief economist and senior vice president of research and technology, Michael Fratantoni, and vice president, commercial real estate research, Jamie Woodwell. Volume was up in commercial mortgage lending in 2016, with a record $502 billion in originations. MBA has forecasted 2017 to have a slightly larger volume of $515 billion. MBA cites continuing strong commercial real estate fundamentals as the main reason for the predicted increase in 2017, with other factors including a strong job market and relatively low interest rates. MBA’s forecast does not include any possible economic stimulus — …

February 23, 2017

Loans New York Northeast Office

Houlihan-Parnes Realtors Secures $12.5M Loan for Office Building in White Plains, New York

by Amy Works February 22, 2017

WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $12.5 million first mortgage for an office building located at 4 W. Red Oak Lane in White Plains. Christie Houlihan of Houlihan-Parnes secured the non-recourse loan, which features a fixed rate for seven years and a five-year extension option, for the undisclosed borrower. The 132,995-square-foot building was 99 percent leased at the time of financing.

February 22, 2017

Industrial Loans Midwest Wisconsin

Grandbridge Arranges $4.7M Refinancing for Industrial Property Near Milwaukee

by Kristin Harlow February 22, 2017

NEW BERLIN, WIS. — Grandbridge Real Estate Capital has arranged a $4.7 million loan for the refinancing of an industrial property in New Berlin near Milwaukee. The building consists of 80,720 square feet and sits on approximately seven acres. The 15-year, fixed-rate loan includes a 15-year amortization schedule. An insurance company provided the capital.

February 22, 2017

Hospitality Loans North Carolina Southeast

Grandbridge Arranges $27M Refinancing for Hyatt Place in Downtown Charlotte

by John Nelson February 22, 2017

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged the $27 million refinancing for Hyatt Place, a 172-room hotel in downtown Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed CMBS investor on behalf of a repeat client. Located at 222 S. Caldwell St., the hotel features free Wi-Fi, a 24-hour fitness center, outdoor rooftop pool and a bar.

February 22, 2017

California Loans Office Top Stories Western

Natixis Provides $232.5M Loan for Acquisition of Apple’s Sunnyvale Office Complex

by Nellie Day February 22, 2017

SUNNYVALE, CALIF. — Natixis has provided a $232.5 million loan for the acquisition of Crossroads III, a 349,758-square-foot office property in Sunnyvale that is fully leased to Apple. The complex is located at 410, 420 and 430 N. Mary Ave. in the Silicon Valley submarket. Tristar Capital acquired the campus. The property was built between 1990 and 1992. Each building features two wings around one central core. There are also two courtyards with fountains between the buildings. The Santa Clara Light Rail station is situated approximately a half mile north of Crossroads III. The property also sits adjacent to the Technology Corners development along West Moffett Place Drive. Richard Horowitz of Cooper-Horowitz arranged the finance. David Edelstein heads Tristar Capital. — Nellie Day

February 22, 2017

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